“As Bitcoin rose to $100,000, hodlers got rid of a “significant” 507,000 BTC. The figure is down from March (934,000 BTC) as some market participants expect higher prices to liquidate positions, according to Glassnode. Following a flurry of consistent new ATHs, #Bitcoin is just a stone’s throw away from reaching a price of $100k per coin. Explosive price action trends […]”, — write: businessua.com.ua
As Bitcoin rose to $100,000, hodlers got rid of a “significant” 507,000 BTC. The indicator is inferior to the pace of March (934,000 BTC), as part of the market participants expects higher prices to liquidate positions, according to Glassnode.
Following a flurry of consistent new ATHs, #Bitcoin is just a stone’s throw away from reaching a price of $100k per coin.
Explosive price action tends to result in a significant increase in the unrealized profit of holders, and Long-Term Holders are ramping up their… pic.twitter.com/DOoUjQjfLJ
— glassnode (@glassnode) November 26, 2024
Source: Glassnode.
The rate of daily distribution by this category of investors reached 0.27% of the coins at their disposal, which exceeds the value of March. Only on 202 of all trading days were they higher.
Source: Glassnode.
The daily realized profit of hodlers jumped to a record $2.02 billion. In order to fully absorb this excess supply, active demand is needed, which may require a period of re-accumulation to “digest”, Glassnode emphasized.
Source: Glassnode.
To analyze hodler activity, experts used the Sell-Side Risk Ratio:
Currently, the metric has reached the threshold of high values, which indicates a significant profit fixation. The current mark remains well below terminal levels in previous cycles.
In other words, in previous bull markets, demand was sufficient to absorb supply even under similar relative distribution pressure, experts explained.
Source: Glassnode.
At the next stage, experts studied the amount of realized profit from November 2024 based on the term of holding coins, obtaining the following results:
- from six months to a year — $12.6 billion;
- from one to two years — $7.2 billion;
- from two to three years — $4.8 billion;
- from three to five years — $6.3 billion;
- over five years — $4.8 billion.
The data indicates that most of the selling pressure came from owners of coins between six months and a year old (35.3% of the total supply).
“More experienced investors remain cautious and may be patiently waiting for price increases. Such sales volumes may be typical of swing traders who have been accumulating funds since launch ETFs and planned to “ride” only the next market wave,” says the review.
Source: Glassnode.
Finally, analysts looked at the structure of realized price levels in the context of UTXO (URPD) to identify areas of high cost concentration. They found that only a few coins changed hands in the $76,000 to $88,000 range.
Glassnode noted that this range has formed an “air gap” that could become an area of interest if the market pulls back down before retrying to move above $100,000.
Source: Glassnode.
Earlier, experts called the current Bitcoin pullback a pause before the rise to $100,000.
We will remind you that Pantera Capital predicted an increase in the price of the first cryptocurrency to $740,000.
The source